las vegas sands corp....our properties include the venetian resort and sands expo in las vegas, and...

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 21, 2021

LAS VEGAS SANDS CORP.(Exact name of registrant as specified in its charter)

Nevada(State or other jurisdiction of incorporation)

001-32373 27-0099920(Commission File Number) (IRS Employer Identification No.)

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109(Address of principal executive offices) (Zip Code)

(702) 414-1000(Registrant's Telephone Number, Including Area Code)

NOT APPLICABLE (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registeredCommon Stock ($0.001 par value) LVS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) orRule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 - Results of Operations and Financial Condition.

On April 21, 2021, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March31, 2021. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s first quarter ended March 31, 2021 press release, the Company makes reference to certain non-GAAP financial measures thatsupplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States ofAmerica (“GAAP”) including “adjusted net income/loss,” “adjusted earnings/loss per diluted share,” and “consolidated adjusted property EBITDA,” which havedirectly comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalizedadjusted property EBITDA margin,” “hold-normalized adjusted net income/loss,” and “hold-normalized adjusted earnings/loss per diluted share.” The Companybelieves these measures represent important internal measures of financial performance. The specific reasons why the Company’s management believes that thepresentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations andcash flows are set forth in the press release.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits99.1 Press Release, dated April 21, 2021104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf bythe undersigned, hereunto duly authorized. Dated: April 21, 2021

LAS VEGAS SANDS CORP.

By: /S/ RANDY HYZAK

Name: Randy Hyzak Title: Executive Vice President and Chief Financial Officer

EXHIBIT 99.1

Press ReleaseFor Immediate Release

Las Vegas Sands ReportsFirst Quarter 2021 Results

For the quarter ended March 31, 2021(Compared to the quarter ended March 31, 2020)

- Generating Positive Adjusted Property EBITDA in Macao and Singapore

- Pandemic-Related Travel Restrictions and Reduced Visitation Continue to Impact Financial Results

- Safety and Security of Team Members and Guests and Support for Local Communities in Macao,Singapore and Las Vegas Remain Central to our Efforts

- Investment and Capital Expenditure Programs that Expand and Enhance our Integrated ResortOfferings in Macao and Singapore Provide Ideal Platform for Growth

- Balance Sheet Strength Enables the Company to Pursue Promising Development Opportunities in NewMarkets

LAS VEGAS, NV, April 21, 2021 - Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of

convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2021.

“We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of

visitors are eventually able to travel to Macao, Singapore and Las Vegas,” said Robert G. Goldstein, chairman and chief executive

officer. “We also remain deeply committed to supporting our team members and to helping those in need in each of our local

communities as they recover from the impact of the COVID-19 pandemic.”

“We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from

our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and

Singapore, continue to limit visitation and hinder our current financial performance.”

“Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings

position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition. We

are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as

well as our pursuit of growth opportunities in new markets.”

Net revenue was $1.20 billion, a decrease of 15.6% from the prior year quarter. Operating loss was $96 million, compared to

operating income of $6 million in the prior year quarter. Net loss from continuing operations in the first quarter of 2021 was $280

million, compared to $92 million in the first quarter of 2020. Consolidated adjusted property EBITDA was $244 million, compared

to $349 million in the prior year quarter.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase

price of approximately $6.25 billion and anticipates the transaction to close in the fourth quarter of 2021. The financial position,

results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for

sale.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 4.6%, compared to the first quarter of 2020, to $771 million. Net loss for

SCL was $213 million, compared to $166 million in the first quarter of 2020.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $154 million for the first quarter of 2021, compared to $128 million for the prior

year quarter. Our weighted average borrowing cost in the first quarter of 2021 was 4.4%, compared to 4.2% during the first quarter

of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of

senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

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Our income tax expense for the first quarter of 2021 was $14 million, compared to $22 million in the prior year quarter. The income

tax expense for the first quarter of 2021 was primarily driven by a 17% statutory rate on our Singapore operations and a non-cash

expense of $20 million related to an increase of a valuation allowance related to our U.S. foreign tax credits.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2021 were $2.07 billion.

The company has access to $3.94 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net

of outstanding letters of credit.

As of March 31, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital Expenditures

Capital expenditures during the first quarter totaled $291 million, including construction, development and maintenance activities of

$268 million in Macao and $23 million at Marina Bay Sands.

###

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, April 21, 2021 at 1:30 p.m. Pacific Time.

Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

About Las Vegas Sands Corp. (NYSE: LVS)

Las Vegas Sands is the world’s preeminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic

benefits to the communities in which we operate.

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated

Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job

creation and ongoing financial opportunities for local small and medium-sized businesses.

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Our properties include The Venetian Resort and Sands Expo in Las Vegas, and the iconic Marina Bay Sands in Singapore. Through

majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including

The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands

Macao on the Macao Peninsula.

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We

deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares community

engagement and charitable giving program and lead in environmental performance through the award-winning Sands ECO360

global sustainability program. To learn more, please visit www.sands.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities

Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the

company’s control, which may cause material differences in actual results, performance or other expectations. These factors include,

but are not limited to: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of

governments and other third parties, including government-mandated property closures, increased operational regulatory

requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; general

economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics,

epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities; execute our

previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development,

construction and ventures; government regulation; risks relating to our gaming licenses and subconcession; our subsidiaries’ ability

to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates;

gaming promoters; competition; tax law changes; transportation infrastructure in Macao; political instability, civil unrest, terrorist

acts or war; legalization of gaming; insurance; the satisfaction of the conditions precedent to the consummation of the proposed sale

of our Las Vegas real property and operations, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center

(the “Proposed Transaction”), including the receipt of regulatory approvals; unanticipated difficulties or expenditures relating to the

Proposed Transaction; legal proceedings, judgments or settlements that may be instituted in connection with the Proposed

Transaction, including those against us, our board of directors and executive officers and others;

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disruptions of current plans and operations caused by the announcement and pendency of the Proposed Transaction; potential

difficulties in employee retention due to the announcement and pendency of the Proposed Transaction; the response of customers,

suppliers, business partners and regulators to the announcement of the Proposed Transaction; and other factors detailed in the reports

filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on

these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update

such information.

Contacts:

Investment Community:Daniel Briggs(702) 414-1221

Media:Ron Reese(702) 414-3607

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Las Vegas Sands Corp.

First Quarter 2021 Results

Non-GAAP Measures

Within the company’s first quarter 2021 press release, the company makes reference to certain non-GAAP financial measures that

supplement the company’s consolidated financial information prepared in accordance with GAAP including “adjusted net

income/loss,” “adjusted earnings/loss per diluted share,” and “consolidated adjusted property EBITDA,” which have directly

comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property

EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income/loss,” and “hold-

normalized adjusted earnings/loss per diluted share.” The company believes these measures represent important internal measures of

financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company’s

website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The

non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to,

the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific

reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information

to investors regarding the company’s financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s

operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data

management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing

the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income/loss, which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding

certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of

assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net

of income tax. Adjusted net income/loss and adjusted earnings/loss per diluted share are presented as supplemental disclosures as

management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal

basis for valuation of Integrated Resort companies, as these non-GAAP

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measures are considered by many as alternative measures on which to base expectations for future results. These measures also form

the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss from continuing operations

before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and

amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or

expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted

property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for

determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a

supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-

alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate

to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their

adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to

income/loss from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity),

in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital

expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in

consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result,

consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled

measures presented by other companies.

Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned

reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in

table games’ win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on

applying a Rolling Chip win percentage of 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside

the expected range of 3.15% to 3.45% for our Macao and Singapore properties and applying a win percentage of 22.0% for Baccarat

and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the

expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. We do not

present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties,

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nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes,

commissions paid, bad debt expense, discounts and other incentives that would have been incurred when applying the win

percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a

consistent measure for evaluating the operating performance of our properties from period to period.

Hold-normalized adjusted net income/loss and hold-normalized adjusted earnings/loss per diluted share are additional supplemental

non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income/loss and

adjusted earnings/loss per diluted share, are presented to adjust for the impact of certain variances in table games’ win percentages,

which can vary from period to period.

The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that

is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These

amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-

GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of

current performance to historical performance.

The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin,

which are calculated using the aforementioned non-GAAP financial measures.

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Exhibit 1Las Vegas Sands Corp. and SubsidiariesCondensed Consolidated Statements of Operations(In millions, except per share data)(Unaudited)

Three Months EndedMarch 31,

2021 2020Revenues: Casino $ 865 $ 1,075 Rooms 96 141 Food and beverage 56 64 Mall 156 103 Convention, retail and other 23 34 Net revenues 1,196 1,417 Operating expenses: Resort operations 957 1,071 Corporate 49 59 Pre-opening 5 5 Development 9 6 Depreciation and amortization 255 253 Amortization of leasehold interests in land 14 14 Loss on disposal or impairment of assets 3 3

1,292 1,411 Operating income (loss) (96) 6 Other income (expense): Interest income 1 13 Interest expense, net of amounts capitalized (154) (128) Other income (expense) (17) 39 Loss from continuing operations before income taxes (266) (70)Income tax expense (14) (22)Net loss from continuing operations (280) (92)Income (loss) from discontinued operations, net of income taxes (62) 41 Net loss (342) (51)Net loss attributable to noncontrolling interests 64 50 Net loss attributable to Las Vegas Sands Corp. $ (278) $ (1)

Earnings (loss) per share — basic:Net loss from continuing operations $ (0.28) $ (0.05)Net income (loss) from discontinued operations, net of income taxes (0.08) 0.05 Net loss per common share $ (0.36) $ —

Earnings (loss) per share — diluted:Net loss from continuing operations $ (0.28) $ (0.05)Net income (loss) from discontinued operations, net of income taxes (0.08) 0.05 Net loss per common share $ (0.36) $ —

Weighted average shares outstanding: Basic 764 764

Diluted 764 764

Dividends declared per common share $ — $ 0.79

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Exhibit 2Las Vegas Sands Corp. and SubsidiariesNet Revenues and Adjusted Property EBITDA(In millions)(Unaudited)


2021 2020Net RevenuesThe Venetian Macao $ 340 $ 315 The Londoner Macao 137 170 The Parisian Macao 87 141 The Plaza Macao and Four Seasons Macao 170 107 Sands Macao 35 69 Ferry Operations and Other 8 12 Macao Operations 777 814

Marina Bay Sands 426 612 Intercompany Royalties 25 35 Intersegment Eliminations (32) (44)

$ 1,196 $ 1,417

Adjusted Property EBITDAThe Venetian Macao $ 82 $ 49 The Londoner Macao (23) — The Parisian Macao (8) (3)The Plaza Macao and Four Seasons Macao 70 28 Sands Macao (18) (1)Ferry Operations and Other (3) (6) Macao Operations 100 67

Marina Bay Sands 144 282 $ 244 $ 349

Adjusted Property EBITDA as a Percentage of Net RevenuesThe Venetian Macao 24.1 % 15.6 %The Londoner MacaoThe Parisian MacaoThe Plaza Macao and Four Seasons Macao 41.2 % 26.2 %Sands MacaoFerry Operations and Other Macao Operations 12.9 % 8.2 %

Marina Bay Sands 33.8 % 46.1 %

Total 20.4 % 24.6 %____________________

Note: The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operationheld for sale.

(1) Royalties earned from foreign operations, which were previously included in the Las Vegas Operating Properties and will continue post-closing of the sale.(2) Intersegment eliminations include royalties and other intercompany services.

(1)

(2)

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Exhibit 3Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure Reconciliation(In millions)(Unaudited)

The following is a reconciliation of Net Loss from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted PropertyEBITDA:


2021 2020Net loss from continuing operations $ (280) $ (92) Add (deduct):

Income tax expense 14 22 Other (income) expense 17 (39)Interest expense, net of amounts capitalized 154 128 Interest income (1) (13)Loss on disposal or impairment of assets 3 3 Amortization of leasehold interests in land 14 14 Depreciation and amortization 255 253 Development expense 9 6 Pre-opening expense 5 5 Stock-based compensation 5 3 Corporate expense 49 59 Consolidated Adjusted Property EBITDA $ 244 $ 349

Hold-normalized casino revenue (80) 10 Hold-normalized casino expense 27 (5)Consolidated Hold-Normalized Adjusted Property EBITDA $ 191 $ 354

____________________

Note: The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as it is classified as a discontinuedoperation held for sale.

(1) During the three months ended March 31, 2021 and 2020, the company recorded stock-based compensation expense of $7 million and $7 million, respectively, ofwhich $2 million and $4 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.

(2) See Exhibit 4.

(1)

(2)

(2)

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Exhibit 4Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure Reconciliation(In millions)(Unaudited)

The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:

Three Months Ended March 31, 2021

Hold-NormalizedAdjusted Hold-Normalized Hold-Normalized AdjustedProperty Casino Casino PropertyEBITDA Revenue Expense EBITDA

Macao Operations $ 100 $ (46) $ 21 $ 75 Marina Bay Sands 144 (34) 6 116

$ 244 $ (80) $ 27 $ 191

Three Months Ended March 31, 2020

Hold-NormalizedAdjusted Hold-Normalized Hold-Normalized AdjustedProperty Casino Casino PropertyEBITDA Revenue Expense EBITDA

Macao Operations $ 67 $ 25 $ (8) $ 84 Marina Bay Sands 282 (15) 3 270

$ 349 $ 10 $ (5) $ 354

____________________

Note: The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as adiscontinued operation held for sale.

(1) For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have beenearned or lost had the company’s current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outsidethe expected range of 3.15% to 3.45%.

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.(2) Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue

calculated in (1) above.

(1) (2)

(1) (2)

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Exhibit 5Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure Reconciliation(In millions, except per share data)(Unaudited)

The following is a reconciliation of Net Loss Attributable to LVS to Adjusted Net Loss and Hold-Normalized Adjusted Net Loss:Three Months Ended

March 31,2021 2020

Net loss attributable to LVS $ (278) $ (1)

Pre-opening expense 5 5 Development expense 9 6 Loss on disposal or impairment of assets 3 3 Other (income) expense 17 (39)(Income) loss from discontinued operations, net of income taxes 62 (41)Income tax impact on net income adjustments (2) (1)Noncontrolling interest impact on net income adjustments (8) 3 Adjusted net loss from continuing operations attributable to LVS $ (192) $ (65)

Hold-normalized casino revenue (80) 10 Hold-normalized casino expense 27 (5)Income tax impact on hold adjustments 5 2 Noncontrolling interest impact on hold adjustments 8 (5)Hold-normalized adjusted net loss from continuing operations attributable to LVS $ (232) $ (63)

The following is a reconciliation of Diluted Loss per Share to Adjusted Loss per Diluted Share and Hold-Normalized Adjusted Loss per Diluted Share:Three Months Ended

March 31,2021 2020

Per diluted share of common stock:Net loss attributable to LVS $ (0.36) $ —

Pre-opening expense 0.01 — Development expense 0.01 0.01 Loss on disposal or impairment of assets — — Other (income) expense 0.02 (0.05)(Income) loss from discontinued operations, net of income taxes 0.08 (0.05)Income tax impact on net income adjustments — — Noncontrolling interest impact on net income adjustments (0.01) — Adjusted loss per diluted share from continuing operations $ (0.25) $ (0.09)

Hold-normalized casino revenue (0.10) 0.01 Hold-normalized casino expense 0.04 — Income tax impact on hold adjustments — — Noncontrolling interest impact on hold adjustments 0.01 — Hold-normalized adjusted loss per diluted share from continuing operations $ (0.30) $ (0.08)

Weighted average diluted shares outstanding 764 764

____________________

(1) The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdictionand the nature of the adjustment.

(2) See Exhibit 4.

(1)

(2)

(2)

(1)

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Exhibit 6Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited)


2021 2020Casino Statistics:The Venetian Macao:

Table games win per unit per day $ 5,363 $ 7,757 Slot machine win per unit per day $ 194 $ 190 Average number of table games 629 484 Average number of slot machines 1,046 1,333

The Londoner Macao:Table games win per unit per day $ 2,522 $ 6,201 Slot machine win per unit per day $ 105 $ 221 Average number of table games 476 304 Average number of slot machines 818 1,040

The Parisian Macao:Table games win per unit per day $ 2,726 $ 7,888 Slot machine win per unit per day $ 95 $ 183 Average number of table games 267 230 Average number of slot machines 881 1,066

The Plaza Macao and Four Seasons Macao:Table games win per unit per day $ 11,466 $ 11,682 Slot machine win per unit per day $ 106 $ 173 Average number of table games 142 121 Average number of slot machines 45 131

Sands Macao:Table games win per unit per day $ 2,871 $ 6,356 Slot machine win per unit per day $ 113 $ 152 Average number of table games 153 148 Average number of slot machines 530 722

Marina Bay Sands:Table games win per unit per day $ 4,077 $ 8,117 Slot machine win per unit per day $ 942 $ 572 Average number of table games 580 606 Average number of slot machines 1,853 2,368

Las Vegas Operating Properties :Table games win per unit per day $ 1,938 $ 5,522 Slot machine win per unit per day $ 380 $ 321 Average number of table games 179 206 Average number of slot machines 1,491 1,978

____________________

Note: These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic.Gaming operations at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao were closed during a portion of February 2020 due toMacao government mandated closures of all casinos. The Las Vegas Operating Properties were closed from March 18, 2020 through June 4, 2020, due to the statewide closure ofnon-essential services by the State of Nevada. Marina Bay Sands remained in operation during this period.

(1) Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenuesrelated to goods and services provided to patrons on a complimentary basis.

(2) Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and servicesprovided to patrons on a complimentary basis.

(3) The Las Vegas Operating Properties are classified as a discontinued operation held for sale.

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

(3)

(1)

(2)

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Exhibit 7Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited)

Three Months EndedThe Venetian Macao March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 266 $ 251 $ 15 6.0 %Rooms 19 21 (2) (9.5) %Food and Beverage 6 5 1 20.0 %Mall 46 29 17 58.6 %Convention, Retail and Other 3 9 (6) (66.7) %Net Revenues $ 340 $ 315 $ 25 7.9 %

Adjusted Property EBITDA $ 82 $ 49 $ 33 67.3 %EBITDA Margin % 24.1 % 15.6 % 8.5 pts Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 1,231 $ 2,270 $ (1,039) (45.8) %Rolling Chip Win % 4.43 % 3.03 % 1.40 pts

Non-Rolling Chip Drop $ 908 $ 817 $ 91 11.1 %Non-Rolling Chip Win % 27.4 % 27.0 % 0.4 pts

Slot Handle $ 462 $ 438 $ 24 5.5 %Slot Hold % 4.0 % 4.5 % (0.5)pts

Hotel Statistics

Occupancy % 47.2 % 39.2 % 8.0 ptsAverage Daily Rate (ADR) $ 157 $ 238 $ (81) (34.0) %Revenue per Available Room (RevPAR) $ 74 $ 93 $ (19) (20.4) %____________________

Note: As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacityor were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during thequarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to houseteam members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.

(1) This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with thecompany’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

(1)

15

Las Vegas Sands Corp. and SubsidiariesSupplemental Data(Unaudited)

Three Months EndedThe Londoner Macao March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 91 $ 123 $ (32) (26.0) %Rooms 19 27 (8) (29.6) %Food and Beverage 7 8 (1) (12.5) %Mall 14 9 5 55.6 %Convention, Retail and Other 6 3 3 100.0 %Net Revenues $ 137 $ 170 $ (33) (19.4) %

Adjusted Property EBITDA $ (23) $ — $ (23) N.M.EBITDA Margin % Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 523 $ 167 $ 356 213.2 %Rolling Chip Win % 3.71 % 5.85 % (2.14)pts

Non-Rolling Chip Drop $ 408 $ 556 $ (148) (26.6) %Non-Rolling Chip Win % 21.7 % 22.0 % (0.3)pts

Slot Handle $ 197 $ 367 $ (170) (46.3) %Slot Hold % 3.9 % 4.4 % (0.5)pts

Hotel Statistics

Occupancy % 35.5 % 38.1 % (2.6)ptsAverage Daily Rate (ADR) $ 173 $ 175 $ (2) (1.1) %Revenue per Available Room (RevPAR) $ 61 $ 67 $ (6) (9.0) %____________________

N.M. Not MeaningfulNote: As a result of the COVID-19 pandemic, gaming operations were closed from February 5-26, 2020, while hotel operations were closed for a period in February and

March of 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to socialdistancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reducedcapacity, with some operations temporarily closed. Rooms utilized for government quarantine purposes during the quarters ended March 31, 2021 and 2020, and toprovide lodging for team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.


(1)

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Three Months EndedThe Parisian Macao March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 59 $ 115 $ (56) (48.7) %Rooms 12 13 (1) (7.7) %Food and Beverage 5 5 — — %Mall 10 6 4 66.7 %Convention, Retail and Other 1 2 (1) (50.0) %Net Revenues $ 87 $ 141 $ (54) (38.3) %

Adjusted Property EBITDA $ (8) $ (3) $ (5) 166.7 %EBITDA Margin % Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 114 $ 1,890 $ (1,776) (94.0) %Rolling Chip Win % (3.01)% 2.49 % (5.50)pts


Slot Handle $ 223 $ 432 $ (209) (48.4) %Slot Hold % 3.4 % 3.5 % (0.1)pts

Hotel Statistics




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Three Months EndedThe Plaza Macao and Four Seasons Macao March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 115 $ 83 $ 32 38.6 %Rooms 11 4 7 175.0 %Food and Beverage 4 3 1 33.3 %Mall 39 17 22 129.4 %Convention, Retail and Other 1 — 1 N.M.Net Revenues $ 170 $ 107 $ 63 58.9 %

Adjusted Property EBITDA $ 70 $ 28 $ 42 150.0 %EBITDA Margin % 41.2 % 26.2 % 15.0 pts Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 1,436 $ 1,626 $ (190) (11.7) %Rolling Chip Win % 5.93 % 2.84 % 3.09 pts

Non-Rolling Chip Drop $ 256 $ 210 $ 46 21.9 %Non-Rolling Chip Win % 24.1 % 29.9 % (5.8)pts

Slot Handle $ 4 $ 37 $ (33) (89.2) %Slot Hold % 10.8 % 4.7 % 6.1 pts

Hotel Statistics

Occupancy % 43.7 % 48.4 % (4.7)ptsAverage Daily Rate (ADR) $ 432 $ 329 $ 103 31.3 %Revenue per Available Room (RevPAR) $ 189 $ 159 $ 30 18.9 %____________________

N.M. Not MeaningfulNote: As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity

or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during thequarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to houseteam members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.


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Three Months EndedSands Macao March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 31 $ 64 $ (33) (51.6) %Rooms 3 2 1 50.0 %Food and Beverage 1 2 (1) (50.0) %Convention, Retail and Other — 1 (1) (100.0) %Net Revenues $ 35 $ 69 $ (34) (49.3) %

Adjusted Property EBITDA $ (18) $ (1) $ (17) 1,700.0 %EBITDA Margin % Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 484 $ 507 $ (23) (4.5) %Rolling Chip Win % 4.34 % 4.37 % (0.03)pts


Slot Handle $ 158 $ 276 $ (118) (42.8) %Slot Hold % 3.4 % 3.0 % 0.4 pts

Hotel Statistics




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Three Months EndedMarina Bay Sands March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 303 $ 439 $ (136) (31.0) %Rooms 32 74 (42) (56.8) %Food and Beverage 33 41 (8) (19.5) %Mall 47 42 5 11.9 %Convention, Retail and Other 11 16 (5) (31.3) %Net Revenues $ 426 $ 612 $ (186) (30.4) %

Adjusted Property EBITDA $ 144 $ 282 $ (138) (48.9) %EBITDA Margin % 33.8 % 46.1 % (12.3)pts Gaming Statistics(Dollars in millions) Rolling Chip Volume $ 1,512 $ 6,639 $ (5,127) (77.2) %Rolling Chip Win % 5.59 % 3.53 % 2.06 pts

Non-Rolling Chip Drop $ 674 $ 1,077 $ (403) (37.4) %Non-Rolling Chip Win % 19.1 % 19.8 % (0.7)pts

Slot Handle $ 3,745 $ 2,870 $ 875 30.5 %Slot Hold % 4.2 % 4.3 % (0.1)pts

Hotel Statistics


Note: Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity during the quarter endedMarch 31, 2021, with some operations temporarily closed.


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20

Las Vegas Sands Corp. and SubsidiariesSupplemental Data - Discontinued Operation Held for Sale(Unaudited)

Three Months EndedLas Vegas Operating Properties March 31,(Dollars in millions) 2021 2020 $ Change ChangeRevenues:Casino $ 53 $ 102 $ (49) (48.0) %Rooms 45 127 (82) (64.6) %Food and Beverage 24 75 (51) (68.0) %Convention, Retail and Other 17 61 (44) (72.1) %Net Revenues $ 139 $ 365 $ (226) (61.9) %

Adjusted Property EBITDA $ (47) $ 88 $ (135) (153.4) %EBITDA Margin % 24.1 % Gaming Statistics(Dollars in millions) Table Games Drop $ 335 $ 446 $ (111) (24.9) %Table Games Win % 9.3 % 19.9 % (10.6)pts

Slot Handle $ 625 $ 603 $ 22 3.6 %Slot Hold % 8.1 % 8.2 % (0.1)pts

Hotel Statistics


Note: Due to the statewide closure of non-essential services by the State of Nevada as a result of the COVID-19 pandemic, the property was closed beginning on March18, 2020, and reopened on June 4, 2020. For the quarter ended March 31, 2021, due to social distancing measures and travel restrictions as a result of the COVID-19pandemic, the property operated at a reduced capacity, with some operations temporarily closed due to social distancing measures. Rooms within the property’sVenezia tower that remained closed for a portion of the quarter ended March 31, 2021, were excluded from the calculation of hotel statistics above.

(1) In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations and as a result have been classified as a discontinuedoperation held for sale.

(2) Prior year amounts have been adjusted to conform to the current period presentation, which excludes intercompany royalties as these will continue post-closing ofthe sale. See Exhibit 2.

(3) This compares to our expected Baccarat win percentage of 18.0% to 26.0% and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated beforediscounts).

(1)

(2)

(3)

21

Las Vegas Sands Corp. and SubsidiariesSupplemental Data - Asian Retail Mall Operations(Unaudited)

For the Three Months Ended March 31, 2021TTM

March 31, 2021

(Dollars in millions except per squarefoot data)

GrossRevenue

OperatingProfit

Operating ProfitMargin

Gross Leasable Area(sq. ft.)

Occupancy % at

End of PeriodTenant Sales Per

Sq. Ft.Shoppes at Venetian $ 46 $ 42 91.3 % 812,936 79.9 % $ 940

Shoppes at Four SeasonsLuxury Retail 21 20 95.2 % 125,466 100.0 % 5,150 Other Stores 18 17 94.4 % 118,638 87.7 % 1,632 Total 39 37 94.9 % 244,104 94.0 % 3,665

Shoppes at Londoner 14 12 85.7 % 515,958 81.0 % 576

Shoppes at Parisian 10 9 90.0 % 296,145 79.8 % 422 Total Cotai Strip in Macao 109 100 91.7 % 1,869,143 82.0 % 1,182 The Shoppes at Marina Bay Sands 47 41 87.2 % 620,297 98.9 % 1,048 Total $ 156 $ 141 90.4 % 2,489,440 86.2 % $ 1,138

____________________

Note: This table excludes the results of our mall operations at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions of $13 millionat our Macao properties and $6 million at Marina Bay Sands.

(1) Gross revenue figures are net of intersegment revenue eliminations.(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.(3) The Shoppes at Londoner will feature up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of the renovation, rebranding and

expansion to The Londoner Macao.

(1) (2)

(3)

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las vegas sands corp....our properties include the venetian resort and sands expo in las vegas, and...

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